Convicted Hin Leong Founder Ok Lim Sell His Third Gcb 43 Mil
BY RACHEL HOWE
A new opportunity has emerged for luxury homebuyers as a third Good Class Bungalow (GCB) owned by former oil mogul and founder of Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has been put up for sale on June 21. The GCB, nestled on Tanglin Hill and spanning 15,636 sq ft, offers a prime location and is priced at $43 million, equating to a land rate of $2,750 psf.
The expansive property was previously shared between Lim and his daughter, Lim Huey Ching, who used to reside there with her family. Huey Ching, a former director of Hin Leong, has since moved out of the house with her family. During a recent visit by EdgeProp Singapore on June 24, it was apparent that the family had vacated the property, although remnants of their possessions could still be seen.
Mary Sai, the executive director of capital markets at Knight Frank Singapore, has been appointed as the marketing agent for the GCB on Tanglin Hill. Sai previously managed the sale of Lim’s other two GCBs, including the one located at 5 Second Avenue, which was jointly owned by Lim and his wife, Tan Sook Eng. This GCB was sold for $33.39 million ($1,671 psf) in October 2021. The second GCB, jointly held by Lim and his son, Evan Lim Chee Meng, at 20 Third Avenue, was sold for $26.5 million ($1,818 psf) in November 2023.
If the GCB on Tanglin Hill is sold at its listed price of $43 million, the combined proceeds from all three properties will amount to a staggering $102.89 million. These sales represent a court-ordered asset freeze executed on the Lim family’s properties following the collapse of Hin Leong and its subsequent winding up in 2021.
The Tanglin Hill property boasts a built-up area of approximately 8,110 sq ft and offers five bedrooms, including a master suite equipped with an en suite bathroom and his and hers walk-in wardrobes. The first level also features a study that can be converted into an additional bedroom if need be, according to Sai.
Sai points out that the main selling point of this GCB is its location at the end of a cul-de-sac. The property also offers a long driveway that can accommodate up to six cars, with additional parking options available for guests along the road outside. So far, the GCB has generated interest from affluent local buyers, but Sai does not discount the possibility of interest from Permanent Residents (PRs). This is because the land area of the GCB is only 15,636 sq ft, which is relatively smaller compared to other GCBs in the area.
Under the Residential Property Act, foreigners are not allowed to purchase residential landed properties in Singapore. However, PRs may seek approval from the Land Dealings Approval Unit of the Singapore Land Authority to purchase landed homes in certain areas, subject to criteria such as land size and tax-assessable employment income.
The GCB is situated in the prestigious Ridley Park GCB Area, which is one of the most sought-after and luxurious landed enclaves in Singapore. Sai expects to receive strong interest from potential buyers, given its location and the exclusivity of the surrounding neighborhood.
Based on recent caveats lodged, the last GCB to transact in Tanglin Hill was in October 2019. The property, sitting on a 16,446 sq ft site, was sold to Koh Tuck Lye, a former board director of Hong Kong-listed Xiaomi Corporation, for $31.5 million. The area is easily accessible via Tanglin Road and is in close proximity to the Orchard Road shopping district, the Singapore Botanic Gardens, the lifestyle and dining options at Dempsey Hill and Holland Village, as well as the medical services at Gleneagles Hospital on Napier Road and Camden Medical Centre on Orchard Boulevard.
The tender for the sale of OK Lim’s GCB on Tanglin Hill concludes on July 19.
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